august 11, 1994

The Group of Ministers on sick public sector undertakings has opted for the revival of Nagaland Pulp and Paper Mills, a subsidiary of Hindustan Paper Corporation, and two other pharmaceutical companies based in West Bengal while recommending closure of Cycle Corporation of India Ltd. The Ministerial group headed by the Finance Minister, Dr. Manmohan Singh, decided on the revival of Bengal Chemicals and Pharmaceuticals Ltd. and Smith Stanistreet Pharmaceuticals Ltd. through a one-time infusion of fresh funds along with other non-funding assistance such as writing off past losses and capital restructuring.

Panel for shifting of polluting industries

A high powered committee set up by the Ministry of Environment and Forests to prepare an action plan on environment and pollution control in Delhi has recommended that no new industry should be allowed in non-conforming areas. The committee has also suggested that polluting industries be shifted from non-conforming areas, hazardous industries be closed in a phased manner and the National Capital Region Plan be implemented on priority.

US mounts commercial diplomacy offensive in China

The German Chancellor, Mr. Helmut Kohl jetted into China late last year, shook hands with the Premier, Mr. Li Peng, inspected a few German-funded factories and signed $4 billion of deals for German companies. In July Mr. Li returned the favour. On a trip to Germany, he signed off on $1 billion more in firm contracts with German companies and on $2.5 billion in “letters of intent.”

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